Sack Minister of Finance and of Budget and Planning now- Deputy Senate President

The Deputy Senate President spoke yesterday while contributing to the debate on the economy especially the current recession. The Senate resumed from its two-month recess on Tuesday when Senate President Bukola Saraki joined a business mogul, Alhaji Aliko Dangote in calling for the sale of national assets such as the Nigeria LNG, refineries and stakes in African Finance Corporation. Ekweremadu said: “The President needs to look at his cabinet. He has to put square peg in square hole. Udo

Udoma is my friend. He is an accomplished lawyer for that matter, but in fairness to him, I believe he can do better in another ministry especially like trade and investment, certainly not Budget and Planning.
“The Minister of Finance can do much better in another ministry. At this critical, time we need somebody who is more experienced to man the Ministry of Finance so that he can coordinate the strategies for this recovery.
“I also believe that we need to have all hands on deck right now. It does not matter their religion. It does not matter their party. We need to go all out and look for the best brain to come and help us to come out of this recession. America was in recession in 1930s, but they recovered within three years.
“What did they do? All Americans came together irrespective of their political persuasion and they were able to come up with a solution. At this point, it does not matter to us whether you are APC or PDP or you are non-align. The important thing is that the President has to look for the best people to come together to proffer solutions. It does not matter which party you belong.
“I also believe that since oil is one of our, we need to begin to negotiate in terms of engagement with our oil majors, a situation where the production cost in Nigeria is between $18 and $24 is unacceptable and it is not happening anywhere in the world.
“Our people do not need to hear lamentations. They want to listen and hear messages of hope. It is important that our people hear the right message. International community hear the wrong message when investors are told that our economy cannot recover that our people are corrupt.
“This is the time for us to be united. This is the time for the President to ignore this issue of Town Hall meetings and go directly to the people. My people did not vote for Lai Mohammed or any minister. They want to see the President they voted for.
“The President needs to go round and visit this country and assure them that they are part and parcel of this country called Nigeria. I also believe that in the long term, we need to also diversify the economy. I am happy that this is happening now and it is time for us to learn from the hardship that would enable us to look beyond oil,” he said.
Ekwerenmadu also cautioned that the sale of assets was not the way out of the recession, maintaining that no country resorts to selling its national assets while in crisis.
“UAE does not even allow you close to the oil wells let alone selling them. A country like Saudi Arabia their budget each year is run by investments from their oil revenue.”